SA3 Wealth – Preparing for Retirement

SA3 Wealth – Preparing for Retirement


YOU’RE WATCHING IOWA LIVE ON CW IOWA LIVE CHANNEL 23. GOOD MORNING, EVERYONE. IT’S 7:28 AND TIME FOR MONEY WITH STEPHANIE VOLS FROM SA-3 WEALTH. SO WE ANSWERED THE QUESTION, WHAT DO WE NEED TO DO TO GET READY FOR RETIREMENT? I THINK THAT IS A GREAT QUESTION. TRULY, THAT IS BASIS OF EVERYTHING WHEN WE’RE THINKING OF OUR FUTURE AND RETIREMENT. HOW MUCH DO WE NEED TO BE SAVING RIGHT NOW. LOOK AT THAT. IS THAT A GOOD START? EVERYTHING IS BETTER THAN NOTHING, RIGHT? BUT THAT IS A KEY THING AND GETTING MOMENTS FROM WHEN WE’RE STARTED AND THEN WE KIND OF EX HAIL AND PUTTING IN WHAT OUR COMPANY IS MATCHING AT THE TIME. BUT IS IT ENOUGH DEPENDS ON A LOT OF FACTORS. AND A LOT OF IT DEPENDS ON THE AGE OF RETIREMENT AND THE EARLIER YOU RETIRE THE LONGER IT’S GROWING. BECAUSE YOU WILL HAVE AT EXTRA 2-3 YEARS OLD WHEN HE’S RETIRING. SO NEXT THING IS ANY HEALTH EXPENSES AND EVEN BEFORE THAT, WHEN YOU LOOK INTO GOING RETIREMENT, DEPENDING ON WHERE YOU’RE RETIRING FROM 67-68 WHETHER IT’S YOUR HEALTH OR WHETHER YOU’RE DOWNSIZING. SO IF YOU’RE IN YOUR 30s, 40s, AND 50s, HOW ARE YOU GOING TO STAY IN RELATIVELY GOOD HEALTH. HOW DO YOU KNOW THIS MIGHT HAPPEN OR I MIGHT HAVE THE HEALTH CONCERN FOR WHAT HAS NOT EVEN HAPPENED. SO YOU CAN’T PREDICT WHERE 30s AND 40s ARE GOING TO TAKE YOU. EVENTUALLY THOSE GOALS ARE GOING TO MODIFY AND CHANGE AS WE GET CLOSER INTO RETIREMENT. THE GOALS ARE GOING TO CHANGE DRAMATICALLY INTO 50s AND 65 AND YOU JUST WANT TO HAVE A PATH AND YOU’RE GOING TO WANT TO MODIFY IT AS WE GO ALONG. SO HOW MUCH MONEY ARE YOU GOING TO HAVE WHEN YOU’RE SHOOTING FOR RETIREMENT, IS THERE ANYTHING YOU WANT TO FIGURE OUT WHEN YOU FIGURE THAT OUT. FOR MOST PART YOU NEED TO SAVE 80% OF YOUR PRERETIREMENT INCOME. BECAUSE 80% OF WHAT YOU’RE MAKING IS WHAT YOU’RE TAKING HOME BEFORE TAXES. AND WE HAVE FICA. SO YOU’RE LIVING COMFORTABLE AND THAT’S WHAT YOU’RE GOING TO WANT TO CONTINUE THE LIFESTYLE. MOST PEOPLE ARE GOING TO CONTINUE THAT LIFESTYLE AND MOST PEOPLE DON’T WANT TO GO TO THE LIFESTYLE WE HAD IN OUR 20s AND 30s. ARE THERE ANY PERCENTAGE TO PUT MONEY AWAY IN YOUR 30s AND 40s FOR EXAMPLE AS OPPOSED IF YOU WERE IN YOUR 40s AND 50s WHEN YOU PAY FOR YOUR PAYCHECK. AND YOU MENTIONED GENERAL RULES AND IT’S 10% AND 70% OF THE INCOME. SO WHAT DO YOU THINK? IT DEPENDS ON WHEN YOU GET STARTED SO MY EXPERIENCE HAS BEEN GENERALLY SPEAKING FOR MOST OF US TO BE PREPARED FOR IS IN THE DOUBLE DIGITS. SO MOST OF US GET STARTED LATER AND WE DON’T PRIORTIZE IT IN OUR 20s SO BY THE TIME WE LEARN WE HAVE TO PLAY ACTUAL CATCH UP AND THEN WE HAVE TO SAVE A LITTLE BIT MORE. SO GENERALLY WHAT I’LL DO IS TAKE A PROSPECT’S INFORMATION IS RETIRE AT 65 WITH LIFESTYLE WE’RE GOING TO HAVE NOW. SO OBVIOUSLY YOU DON’T WANT TO HAVE IT WRITTEN IN STONE AND THERE’S A LOT OF THINGS FOR INFLATION AND THEN WE CAN WORK BACKWARDS FOR THE GOAL. AND WE WANT TO CHECK IN WITH THAT EVERY SO OFTEN BECAUSE THE ASSUMPTIONS ARE GOING TO BE AS FOLLOWS AS WE GO ALONG. WHAT’S THE AVERAGE YOU WANT TO TAKE IN WITH YOUR PAYCHECK? WELL, WE MAY RAMP UP THE AMOUNT THAT THEY’RE SAVING IN CERTAIN YEARS AND THEN SLOW IT DOWN IN YEARS WHERE THEY DON’T NEED A LOT OF TAX DEDUCTIONS OR

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